Senator of the state of Arizona, Wendy Rogers, says that she will reduce its proposed Strategic Bitcoin Reserve (SBR) law in the following legislative session.
This is after Governor Katie Hobbs rejected the first bill, which was the first time that a sitting American governor formally blocked such a crypto initiative.
Senator Rogers shared her plans during the weekend and expressed disappointment about the decision. She argued that Bitcoin is no longer a frills, but a tested financial innovation.
She said:
“Politicians do not understand that Bitcoin Arizona does not need. Arizona needs Bitcoin. I will again contain my bill the next session.”
The SBR account, officially known as Senate Bill 1025, authorized the State treasurer to allocate some Arizona pension funds to Bitcoin.
The bill has adopted both chambers of the state legislator without changes, but was veto By Governor Hobbs, who labeled digital currencies as “not tested” and risky for long -term savings.
Nevertheless, Rogers does not seem to be deterred by the opposition of the governor against her Bitcoin Reserve Bill, and says that a future governor could support the proposal if Hobbs again again initiated Vetoes account during the next session.
She said:
“If she is doing cool again, I am sure that Governor Andy Biggs will be happy to take the honor of signing the bill for this already proven (16 years!) Innovation that will protect our wealth.”
Interesting enough facts Part by Bitcoin Laws founder Julian Fahrer shows that the Arizona State Retirement System (ASRS) already has indirect exposure to Bitcoin through holdings in Strategy, the largest company holder of the top crypto.
What is the next step for Arizona?
Although SB1025 is out of the table for the time being, the involvement of Arizona in Crypto legislation is by no means over.
Another crypto-related proposal, Senate Bill 1373, is still being considered.
In contrast to SB1025, this account does not include pension savings. Instead, it tries to enable the state to maintain and manage cryptocurrencies that have been obtained through epileptic seizures or assigned assets.
However, it is unclear whether the governor would enter this bill, given its opposition against SB1025.
In the meantime, market observers have suggested that SB1373 has a better chance of securing the approval of Governor Hobbs due to its administrative character.
